In a time when Bitcoin price news is showing another small drop and BTC remains in the four-digit region at 50% below the all-time high of $20,000, Kraken CEO and Bitcoinist. First Bitcoin Adopter Jesse Powell Thinks Bitcoin Can Definitely Overtake Gold and Its $10 Trillion Market Cap.
However, the fact that Bitcoin (BTC) is at half of its all-time high today does not stop investors and traders from trusting the coin more. According to the Kraken CEO, there is a bright future ahead for the flagship cryptocurrency.
Powell noted that BTC could eclipse gold in the coming years, especially as its 21 million supply cap begins to play a major role in the dynamics of this nascent market. On June 16, we saw how Kraken co-founder and first BTC adopter Jesse Powell shared all this with Bloomberg, discussing his latest insights into the crypto market.
– Matt Case (@matthewryancase) June 16, 2020
As he argues, BTC is already a store of value. The Kraken CEO is sure of its consistency, citing how the asset’s chart has always been “up and right” from its macro perspective.
“People are flocking to it as a safe haven because of its predictable, finite supply. No one can print it,” he added.
All of this, he says, will help Bitcoin (BTC) eventually “overtake gold as a store of value.” Currently, the market capitalization of gold is estimated at between $9 and $10 trillion.
As the Kraken CEO noted, Bitcoin surpassing gold means that each BTC will be in the $450,000 to $500,000 range — an increase of more than 4,500% from current prices. His expectation that Bitcoin will eclipse the precious metal has been echoed by many other prominent names in the crypto industry.
One of them is Raoul Pal, a former Goldman Sachs executive and hedge fund manager who recently wrote a newsletter for Max Keizer, saying that BTC hitting $500,000 is possible because the cryptocurrency has ready to become the “whole ecosystem” at a macro scale.
“If it turns out to be an ecosystem, and we believe it will and it will also drag the ecosystem, then yes, I think that $10 trillion could easily be reached in the next few years. that process,” said Pal.
Mark Yusko from Morgan Creek Digital also weighed in and said that BTC hitting $400,000 to $500,000 is something that is possible.
“All the fundamentals of the network’s value are increasing – and they are growing exponentially. And so you’re getting this parabolic growth curve. […] By 2025 we are likely to see $250,000 in bitcoin and then by 2030 we could see $400,000 or $500,000 in bitcoin when it reaches gold parity.”
Cryptocurrency news today shows a small drop that is expected to be followed by a green move.
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